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Mark Brunell declares Bankruptcy


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Mark Brunell declares bankruptcy

Posted by Mike Florio on June 25, 2010 8:35 AM ET

47930d_Brunell_01032010-thumb-250x218-13632.jpgFor the second time in less than three years, a former NFL starting quarterback has sought protection not from five offensive linemen, but from the eleventh chapter of the U.S.

laws.

The last time around, it was Mike Vick. This time, it's Mark Brunell.

Abel Harding of the Florida Times-Union reports that Brunell plans to make the filing today, despite earning $52 million during his career.

The tipping point seems to be multiple lawsuits resulting from failed business loans for which Brunell and others co-signed. The fact, however, that the total liability under those claims falls in the neighborhood of $3.3 million suggests that Brunell hasn't squirreled away much, if any, of the money he made while playing. To qualify for bankruptcy protection, assets can't exceed debts. Thus, Brunell necessarily has less money than he owes.

The filing will trigger an automatic stay of all pending litigation. Then, the process converts into an effort to identify Brunell's non-exempt assets and to distribute them to creditors based on priority. Eventually, a plan is approved for repaying as much of the debts as possible.

Typically, some creditors end up getting pennies on the dollar, or nothing at all.

There's also a chance that the filing will be converted into a full-blown liquidation under Chapter 7, where Brunell basically comes out of the process with the shirt on his back and the roof over his head, and everything else goes to creditors.

He reportedly plans to sign with the Jets on or after July 22, when the rules of the "Final Eight Plan" expire. It remains to be seen whether the Jets will choose to follow through on their interest, given that Brunell necessarily brings to Broadway the kind of baggage that some teams would prefer to avoid.

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Mark Brunell declares bankruptcy

Posted by Mike Florio on June 25, 2010 8:35 AM ET

47930d_Brunell_01032010-thumb-250x218-13632.jpgFor the second time in less than three years, a former NFL starting quarterback has sought protection not from five offensive linemen, but from the eleventh chapter of the U.S.

laws.

The last time around, it was Mike Vick. This time, it's Mark Brunell.

Abel Harding of the Florida Times-Union reports that Brunell plans to make the filing today, despite earning $52 million during his career.

The tipping point seems to be multiple lawsuits resulting from failed business loans for which Brunell and others co-signed. The fact, however, that the total liability under those claims falls in the neighborhood of $3.3 million suggests that Brunell hasn't squirreled away much, if any, of the money he made while playing. To qualify for bankruptcy protection, assets can't exceed debts. Thus, Brunell necessarily has less money than he owes.

The filing will trigger an automatic stay of all pending litigation. Then, the process converts into an effort to identify Brunell's non-exempt assets and to distribute them to creditors based on priority. Eventually, a plan is approved for repaying as much of the debts as possible.

Typically, some creditors end up getting pennies on the dollar, or nothing at all.

There's also a chance that the filing will be converted into a full-blown liquidation under Chapter 7, where Brunell basically comes out of the process with the shirt on his back and the roof over his head, and everything else goes to creditors.

He reportedly plans to sign with the Jets on or after July 22, when the rules of the "Final Eight Plan" expire. It remains to be seen whether the Jets will choose to follow through on their interest, given that Brunell necessarily brings to Broadway the kind of baggage that some teams would prefer to avoid.

So, let me get this straight. The Jets don't mind baggage like unpaid child support to eight or so illegitimate children, a four game supension and illegal drug usage....but being stupid with your money by buying into a failed business venture? Hell no! If that is the case, Woody Johnson ought to step down as president of the NY Jets. Hey, maybe part of Brunell's potential contract had a stipulation that he would have to buy a PSL? :)

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So, let me get this straight. The Jets don't mind baggage like unpaid child support to eight or so illegitimate children, a four game supension and illegal drug usage....but being stupid with your money by buying into a failed business venture? Hell no! If that is the case, Woody Johnson ought to step down as president of the NY Jets. Hey, maybe part of Brunell's potential contract had a stipulation that he would have to buy a PSL? :)

The difference is the other players are good

Brunell sucks

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Brunell blows, why are we wasting our time with another 40 yr old QB. We're better off with the QBs we have. We dont need a failed bankrupt QB to hold a damn clipboard.

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Brunell blows, why are we wasting our time with another 40 yr old QB. We're better off with the QBs we have. We dont need a failed bankrupt QB to hold a damn clipboard.

Go on and tell it.... I could not agree more.

I asked why we were picking him up on another site, and I got all of this stuff about him mentoring sanchez....That is what the QB coach is for.....

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Brunell blows, why are we wasting our time with another 40 yr old QB. We're better off with the QBs we have. We dont need a failed bankrupt QB to hold a damn clipboard.

because the jets think they still have a shot to win it all if sanchez goes down and they have a game manager to plug in for a couple games. burnell has no upside but as a spot starter, much better than our other options.

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not a horrible idea

The only negative I've heard about Garcia is that he wants to start and won't be a good mentor to Sanchez because of that. Well, we don't need Garcia to be a mentor. We need him to help us win some games if Mark gets hurt. Period.

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The only negative I've heard about Garcia is that he wants to start and won't be a good mentor to Sanchez because of that. Well, we don't need Garcia to be a mentor. We need him to help us win some games if Mark gets hurt. Period.

well he can continue to be the starting lawn care specialist at his house like he was last season with that attitude

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the lack of a quality back up on this team is criminally negligent

garcia, brunell, clehmeenes, thay all suck

Its not like the starting QB is all that great. Sanchez is decent but not great. Jets sucess last year was not based on the QB, but defense and the running game. And the drop off between the starting QB and the backup on the Jets is not that great -- Patriots, Saints, Colts, Viking etc. different story.

Could Mark develop into a great QB? Maybe, time will tell and he certainly has more potential than any other option for the Jets.

If the Jets were to lose Revis to an injury for a couple of games, that would be much worse for the Jets losing Sanchez for the entire season.

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Its not like the starting QB is all that great. Sanchez is decent but not great. Jets sucess last year was not based on the QB, but defense and the running game. And the drop off between the starting QB and the backup on the Jets is not that great -- Patriots, Saints, Colts, Viking etc. different story.

Could Mark develop into a great QB? Maybe, time will tell and he certainly has more potential than any other option for the Jets.

If the Jets were to lose Revis to an injury for a couple of games, that would be much worse for the Jets losing Sanchez for the entire season.

Good stuff right there folks.

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Well you just hit the nail on the head. There's really no decent backup QB's out there.

I wouldn't mind giving brad smith a shot

let him run a wild cat with more passing options

might get us through a couple weeks anyway

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From another article:

"The timing of the group's real-estate acquisitions at the height of the real-estate market, in hindsight, clearly was not good," Brunell said in a statement e-mailed to the newspaper."

Yes, in hindsight it was not good. Which is why you make money from foresight.

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Brunell Sucks as a QB, this personal development is just gravy.

He deserves every ounce of misery for making $52 Million and pissing it all away.

Boo Freaking Hoo. I hope he loses everything. I hope they take everything short of his jock and he ends up working the fry line at McDonalds.

He and the other athletes like him, who piss away money on lavish BS and ridiculously shady business dealings, deserve everything they get.

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The only negative I've heard about Garcia is that he wants to start and won't be a good mentor to Sanchez because of that. Well, we don't need Garcia to be a mentor. We need him to help us win some games if Mark gets hurt. Period.

At some point that song is going to have to change - he wont be able to sing that at 45 after he's sat dormant a few seasons. Finishing out his career with a sincere shot at some rings should be attractive to him. He's high on my list of guys that could contribute strong if Sanchez goes down.

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Mark Brunell declares bankruptcy

Posted by Mike Florio on June 25, 2010 8:35 AM ET

47930d_Brunell_01032010-thumb-250x218-13632.jpgFor the second time in less than three years, a former NFL starting quarterback has sought protection not from five offensive linemen, but from the eleventh chapter of the U.S.

laws.

The last time around, it was Mike Vick. This time, it's Mark Brunell.

They're the salt and pepper of financial stupidity! :P

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Brunell Sucks as a QB, this personal development is just gravy.

He deserves every ounce of misery for making $52 Million and pissing it all away.

Boo Freaking Hoo. I hope he loses everything. I hope they take everything short of his jock and he ends up working the fry line at McDonalds.

He and the other athletes like him, who piss away money on lavish BS and ridiculously shady business dealings, deserve everything they get.

I'm not as harsh as that. He got the money fairly through his talents, it was his to piss away as he saw fit. But now that he has done so I really don't feel any sympathy for him. Hope he pulls himself together and has a nice, modest life.

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i wonder what the jets see in brunell that we can't get from someone else available. ravens QB situation is better than ours and they got bulger. now that's a legitimate insurance policy. that's what teams do when they think they have a shot. not sure what the jets are doing. looks like they're a little arrogant thinking their defense and run game is so elite they can just plug any scrub in there and still win. uh no.

Edited by jgb
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looks like they're a little arrogant thinking their defense and run game is so elite they can just plug any scrub in there and still win. uh no.

Or, they're banking on Sanchez staying healthy. That strategy has worked for the Colts with the Sorgi's and Curtis Painter's of the world backing up Manning.

It's not exactly like we could hope to win a championship with a Brunell, Garcia, Clemens or even a Kerry Collins-type, so there's no real point in doing what the Ravens did. $3.8 million for Marc freaking Bulger is ridiculous.

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Or, they're banking on Sanchez staying healthy. That strategy has worked for the Colts with the Sorgi's and Curtis Painter's of the world backing up Manning.

It's not exactly like we could hope to win a championship with a Brunell, Garcia, Clemens or even a Kerry Collins-type, so there's no real point in doing what the Ravens did. $3.8 million for Marc freaking Bulger is ridiculous.

they're obviously banked on sanchize not getting hurt - major risk. we could win with bulger. i bet we could win with kerry also. burnell has attempted 30 passes since 2006 so it's pretty tough to know where he's at right now. maybe he's better than we all think.

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they're obviously banked on sanchize not getting hurt - major risk. we could win with bulger. i bet we could win with kerry also. burnell has attempted 30 passes since 2006 so it's pretty tough to know where he's at right now. maybe he's better than we all think.

Brunell is about to turn 40 years old and couldn't really sniff a championship even in his prime with the Jaguars. I don't see him winning us any playoff games next season. If he's forced to come in for 1 or 2 regular season games, that's fine. Anything more and we're screwed.

As for Kerry Collins, don't you find it odd that the Titans went 0-6 with him and 9-1 when they finally started Vince Young? Meanwhile, while Marc Bulger hardly had any decent weapons in St. Louis, he hasn't been any good in almost a decade. Someone needs to explain to me how he got $3.8 million to backup Joe Flacco.

All these guys are probably slight upgrades over Kellen Clemens, but that's not saying much. The NFL is becoming more and more of a passing league as time goes on, and unless you have a young potential pro bowler waiting in the wings, you're screwed if your starter goes down.

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Brunell is about to turn 40 years old and couldn't really sniff a championship even in his prime with the Jaguars. I don't see him winning us any playoff games next season. If he's forced to come in for 1 or 2 regular season games, that's fine. Anything more and we're screwed.

As for Kerry Collins, don't you find it odd that the Titans went 0-6 with him and 9-1 when they finally started Vince Young? Meanwhile, while Marc Bulger hardly had any decent weapons in St. Louis, he hasn't been any good in almost a decade. Someone needs to explain to me how he got $3.8 million to backup Joe Flacco.

All these guys are probably slight upgrades over Kellen Clemens, but that's not saying much. The NFL is becoming more and more of a passing league as time goes on, and unless you have a young potential pro bowler waiting in the wings, you're screwed if your starter goes down.

couple things, agree with your assessment of being screwed if your starter goes down unless you have the heir apparent already on roster.

second, ya kerry went 0-6 but at least he's started a game this half of the decade, unlike burnell. bulger got a sweet deal that signifies that ravens are going for it all this year. you don't get a 4 million dollar insurance policy for a rebuilding team. ironically defense is raven's biggest liability, now (corners).

the cupboard is pretty bare for backups at this point. would've loved to have seen chad come back. oh well.

Edited by jgb
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